Ormat Technologies Inc. (ORA) Upgraded to Hold by Zacks Investment Research
According to Zacks, “ORMAT brings three decades of experience in the development, manufacture, and marketing of innovative power systems. ORMAT Energy Converter units, combined into modular power plants; use locally available heat sources, including geothermal energy (steam and hot water), recovered energy generation, solar energy, biomass, and low grade fuels. “
Several other research firms also recently commented on ORA. JPMorgan Chase & Co. reissued a hold rating on shares of Ormat Technologies in a research note on Wednesday, August 3rd. Oppenheimer Holdings Inc. initiated coverage on Ormat Technologies in a research note on Thursday, September 8th. They issued an outperform rating and a $54.00 price objective for the company. Finally, Roth Capital initiated coverage on Ormat Technologies in a research note on Thursday, July 28th. They issued a buy rating and a $50.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $46.80.
Shares of Ormat Technologies (NYSE:ORA) opened at 48.43 on Friday. The stock’s 50 day moving average price is $47.25 and its 200 day moving average price is $46.15. Ormat Technologies has a 52-week low of $32.25 and a 52-week high of $51.19. The company has a market capitalization of $2.40 billion, a P/E ratio of 26.95 and a beta of 1.10.
Ormat Technologies (NYSE:ORA) last announced its earnings results on Monday, November 7th. The company reported $0.56 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.05. The business earned $184 million during the quarter, compared to the consensus estimate of $163.66 million. Ormat Technologies had a return on equity of 9.45% and a net margin of 13.29%. The business’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.46 EPS. On average, equities research analysts forecast that Ormat Technologies will post $1.75 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 6th. Shareholders of record on Monday, November 21st will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend is Thursday, November 17th. Ormat Technologies’s payout ratio is currently 15.73%.
In other news, Director Gillon Beck sold 390,000 shares of the stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of $48.64, for a total transaction of $18,969,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dan Falk sold 7,500 shares of the stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $48.90, for a total value of $366,750.00. Following the transaction, the director now owns 7,500 shares of the company’s stock, valued at $366,750. The disclosure for this sale can be found here. 22.97% of the stock is owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in ORA. Piedmont Investment Advisors LLC acquired a new position in Ormat Technologies during the third quarter worth $525,000. Cornerstone Capital Management Holdings LLC. acquired a new position in Ormat Technologies during the third quarter worth $1,856,000. Global Alpha Capital Management Ltd. boosted its position in Ormat Technologies by 19.0% in the third quarter. Global Alpha Capital Management Ltd. now owns 208,793 shares of the company’s stock worth $10,105,000 after buying an additional 33,400 shares in the last quarter. Jane Street Group LLC boosted its position in Ormat Technologies by 204.7% in the third quarter. Jane Street Group LLC now owns 162,658 shares of the company’s stock worth $7,874,000 after buying an additional 109,270 shares in the last quarter. Finally, Horizon Investment Services LLC acquired a new position in Ormat Technologies during the third quarter worth $245,000. Institutional investors and hedge funds own 43.00% of the company’s stock.
Ormat Technologies Company Profile
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. The Company’s equipment manufacturing operations are located in Israel. The Company conducts its business activities in two business segments: Electricity segment and Product segment.
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